Mastek hits a new high

Mastek has hit a new 52-week high today at Rs.184.40 and it currently remains above Rs.180 levels, up around 12%. Volumes have surged almost 2 times.

The stock has hit a high after the company on Friday that its Board of Directors will  meet on 8^th Jan’14 to consider a proposal of buyback of equity shares of the company.

As at 30^th Sept 2013, promoters stake stands at 46.70%, FIIs hold 16.14%, DIIs hold 7.65% and the rest, 29.51% is public float. Naturally, the expectation is that the buyback price would be a substantial premium over the market price and that is driving up the stock price now.